HNA to sell Spanish hotel stake amid debt concerns

It has hired JP Morgan and Benedetto, Gartland & Co to scout for potential buyers.

Chinese mainland conglomerate HNA Group said that it is seeking buyers for its majority stake in Spain's NH Hotel Group amid liquidity concerns.

HNA holds a 29.5 percent share of NH, which is valued at about 630 million euros ($770 million), based on the closing price of NH last Friday.

Currently, NH Hotel operates about 400 hotels in more than 30 countries. It earlier said that by 2020, it plans to open 120 to 150 hotels in China. In 2013, when HNA invested in the hotel, it was suffering losses. After debt reconstruction, the company turned the loss into profit in 2015.